Over 1 Billion consumers globally are using traditional offline ROSCAS in transactions that represent over $500 billion a year.
Our Savings Clubs: A modern twist on a timeless concept
Our Saving Clubs represent a modern interpretation of time-honoured traditional saving methods, seamlessly blending the communal spirit of ROSCAs with the security and efficiency of digital technology.
Our Saving Clubs transcend the structures of traditional ROSCAs, which rely on social networks where members know and trust each other. Our platform leverages cutting-edge behavioural finance techniques, enabling us to scale up and reach wider, more heterogeneous social networks.
More than Just Savings: A path to financial empowerment
What sets our Saving Clubs apart is their use case, which is primary financial. Whereas traditional ROSCAs are often used to fund emergencies, weddings, or other personal events, our Saving Clubs are uniquely structured as a stepping stone towards investment and cost-effective remittances.
The primary goal is financial empowerment: Especially designed for ordinary members of the diaspora who might not have large sums of disposable income set aside, the Saving Clubs provide our members with a practical and collaborative way to build capital. This capital is intended solely for use on our forthcoming investment portal.
Who can join?
Our Saving Clubs are only available to registered investors who qualify. To qualify, you must complete the onboarding process, which includes a short quiz to check you understand how Saving Clubs work.
Join Us on Our Journey: The beta phase
As we are currently in the beta phase of our platform, the full suite of investment options is still under development and will be rolled out in the near future. We encourage our members to participate in our Saving Clubs now, with the understanding that the funds accumulated can be a powerful catalyst for future investments. For members who receive the draws early, we offer an escrow service. This ensures that your funds are safely and independently held until the investment platform is launched. It also provides security against defaults, safeguarding the interests of all club members.
We believe in transparency and managing expectations fairly. The investment platform, once live, will open new avenues for your financial growth. Until then, your participation in our Saving Clubs not only prepares you for future investment opportunities but also contributes to a community-centric financial ecosystem.
"Saving Clubs: Your Gateway to Investing in Trusted Term Deposits"
Saving Clubs offer an innovative approach to accumulate capital, including, among other things, for investing in Term Deposits from well-known and trusted banks in your native country. By pooling resources in a Saving Club, members can raise substantial capital. This capital is then used to acquire Term Deposits, allowing each member to benefit from reliable investment options provided by leading banks - familiar names that you know and trust.
How it Works
Set your investment target
- Set Your Target: Decide on the total amount you aim to raise for investment. This will be your goal in joining a Saving Club.
- Research Term Deposits: Explore our range of deposit products to find the one that suits you best.
- Plan Your Monthly Savings: Calculate how much you need to save monthly in your Saving Club to reach your target. For instance, to raise £2,000 for a Term Deposit, you might opt to save £500 per month over four months.
Start Saving
- Every member contributes the same amount monthly - say £500 - into the Saving Club. These collective contributions build towards each member's investment goal.
Receive Your Investment
-
Acquire Your Term Deposit: Every month, one member receives a certificate for the investment of his/her choice in the amount of the monthly pot (e.g., £2,000).
-
Your Turn to Invest: At anytime during the the four month cycle, you will have received your certifcate for your chosen investment.
End of Cycle Choices
-
By the end of the four-month cycle, everyone is invested in a £2,000 certificate of deposit. At the end of the cycle, the Club disbands and you can either:
-
Use Your Funds: Spend or use your £2,000 (plus any interest earned) however you see fit.
-
Reinvest in a New Club: Join another Saving Club to continue growing your savings through the power of compound interest.
Invest in Bonds: Consider moving your funds to a bond offered on our Investment
Issuer:
GCB
Amount:
GHS 28,000
Interest Rate:
18.80% pa
Term:
30 days
As a second-generation British Ghanaian, Kojo is keen on making astute investments back-home. He has chosen Ghana Commercial Bank's 30-day term deposit, denominated in Ghana Cedi (GHS), which offers an annual interest rate of 18.8%.
At the outset, the exchange rate stands at 14 GHS per British pound. By the end of the 30-day period, Kojo anticipates a return of GHS 28,000 in principal along with GHS 439 in interest. However, he's aware that the actual value in pounds at the time of maturity hinges on the prevailing exchange rate.
Exchange rate fluctuations pose a potential risk. Should the Ghana Cedi depreciate in this timeframe, Kojo's returns, when converted back to pounds, might diminish, or he might even face a loss.
Our platform empowers Kojo with choices. He can opt to remit the interest earned, the principal, or both to a relative in Ghana. This feature not only supports his family back home but also serves as a strategic move to mitigate currency risk associated with repatriation.
By thoughtfully balancing his investment choices and utilizing the flexible options our platform offers, Kojo exemplifies the informed, forward-thinking investor who plans for both returns and risks.
Issuer:
CZB
Amount:
$2,512
Interest Rate:
7.00% pa
Term:
180 days
Tandiwe, a first-generation British-Zimbabwean, has opted for a 180-day term deposit in US dollars, offered by X Bank, known for its reliability and competitive rates. The deposit comes with an annual interest rate of 7%, presenting a solid investment opportunity.
While this investment involves exchanging British pounds for US dollars, Tandiwe is comfortable with the associated currency risk. He acknowledges that the US dollar, being a major global currency, might even appreciate against the pound by the time his investment matures. This potential currency appreciation could enhance his returns when converted back to pounds.
Her strategy is clear – she intends to repatriate both the principal and the interest earned at the end of the 180-day period. She's calculated the potential gains, factoring in both the interest earnings and possible currency exchange benefits.
Issuer:
GHIB
Amount:
£2,000
Interest Rate:
5.00% pa
Term:
30 days
As a second-generation British Ghanaian, Kojo is keen on making astute investments back-home. He has chosen Ghana Commercial Bank's 30-day term deposit, denominated in Ghana Cedi (GHS), which offers an annual interest rate of 18.8%.
At the outset, the exchange rate stands at 14 GHS per British pound. By the end of the 30-day period, Kojo anticipates a return of GHS 28,000 in principal along with GHS 439 in interest. However, he's aware that the actual value in pounds at the time of maturity hinges on the prevailing exchange rate.
Exchange rate fluctuations pose a potential risk. Should the Ghana Cedi depreciate in this timeframe, Kojo's returns, when converted back to pounds, might diminish, or he might even face a loss.
Our platform empowers Kojo with choices. He can opt to remit the interest earned, the principal, or both to a relative in Ghana. This feature not only supports his family back home but also serves as a strategic move to mitigate currency risk associated with repatriation.
By thoughtfully balancing his investment choices and utilizing the flexible options our platform offers, Kojo exemplifies the informed, forward-thinking investor who plans for both returns and risks.
Introducing Kofi: Meet Kofi, a third-generation British-Ghanaian. While his connection to Ghana may not be as pronounced as that of his parents, he’s keenly exploring his ancestral heritage through strategic financial decisions.
For his first foray in the land of investong, Kofi has chosen a 30-day term deposit in British pounds with the Ghana International Bank (GHIB) in London. This decision reflects a balanced approach to investing - one that is both rooted in his heritage and aligned with his current lifestyle in the UK.
Kofi appreciates the security that comes with investing in a UK-regulated entity. Deposits at GHIB are covered by the Financial Services Compensation Scheme (FSCS), providing a layer of protection and peace of mind for his investment.
Unlike traditional banking customers, Kofi isn't looking to open a formal account with GHIB. His interest lies in finding specific investment opportunities that align with his goals and values.
Kofi’s long-term aspiration is to accumulate enough capital to invest in environmentally focused financial products. He's particularly interested in climate-related bonds and other green initiatives spearheaded by African entities or organizations with strong African ties. This investment strategy not only promises potential financial returns but also aligns with his desire to contribute positively to the environment and to explore his Ghanaian roots in a meaningful way.
Kofi’s Path: Kofi’s story is one of balancing heritage with modern financial savvy. His approach to investment demonstrates a thoughtful blend of personal heritage exploration and a commitment to sustainable, impactful investing. As he embarks on this financial journey, Kofi is not just growing his wealth; he’s also forging a deeper connection with his ancestral land through responsible and future-focused investment choices.
Issuer:
Ecobank Dakar
Amount:
XOF 1530,667
Interest Rate:
5.00% pa
Term:
60 days
Meet Pape, a first-generation French-Senegalese and a skilled software developer residing in the UK. With strong connections in both Senegal and France, Pape has a keen understanding of cross-border financial opportunities.
He has chosen a 60-day term deposit denominated in West African CFA franc (FCFA), offered by Ecobank Senegal.
An important aspect of Pape's investment is the CFA franc's fixed parity with the Euro which provides a level of stability and predictability to his investment, particularly in relation to the Euro.
Given his familial ties in Senegal and frequent travels to France, the FCFA-denominated term deposit aligns perfectly with his lifestyle. It allows him to grow his savings in a currency that is closely connected to his regular financial activities in both regions.
Pape's choice is strategic in multiple ways. It not only provides him with an investment opportunity in a familiar currency but also ensures he has funds available in FCFA, which can be advantageous during his stays in Senegal or when supporting his relatives there.
Pape's story is one of cultural and financial fluidity. His investment choice showcases his ability to navigate different financial landscapes, making the most of his transnational connections. His story is an inspiring example of how nuanced understanding of regional economies and currencies can lead to tailored investment strategies.